Robinsons Land Corp (RLC) has raised over PHP6.2 billion ($110 million) through an overnight block sale of shares in RL Commercial REIT, Inc. (RCR), boosting the public float of the listed real estate investment trust to over 42%.
In a disclosure to the Philippine Stock Exchange, RLC said it sold 1.04 billion common shares in RCR at PHP5.95 per share on April 3, generating gross proceeds of PHP6.21 billion, excluding taxes and fees.
The transaction increased RCR’s public float to 6.69 billion shares, or 42.57% of total outstanding shares, the company said in a statement.
The shares were offered and sold in the Philippines through transactions exempt from registration under Section 10.1(l) of the Securities Regulation Code (SRC), as implemented by Rule 10.1.3 of its implementing rules.
The securities were not registered with the Philippine Securities and Exchange Commission (SEC), and any future resale must comply with applicable registration requirements or qualify for exemption.
Proceeds from the transaction are expected to be settled on April 8 under the Placement Agreement. RLC said it would submit a reinvestment plan outlining how it intends to use the proceeds from the sale.
BPI Capital Corp served as the sole placement agent, bookrunner, and underwriter for the transaction, while law firm Picazo Buyco Tan Fider & Santos acted as transaction counsel.
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